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Ukraine seizes $19,500 from crypto wallet dedicated to supporting Russian forces

24 Aug, 20222 min readRegulation
Ukraine seizes $19,500 from crypto wallet dedicated to supporting Russian forces

The Security Service of Ukraine (SSU) said on August 24 that it seized $19,500 from a crypto wallet that was being used to fund a Russian group, according to a press release.

According to the release, the agency implemented a mechanism to identify and block wallets raising funds for the Russian army.

Intelligence gathering led to the arrest of a Russian collaborator who reportedly held $19,500 in a wallet for the invading army. The volunteer raised the funds through social media campaigns soliciting assistance from Russian supporters.

Further investigation revealed that the proceeds were used to purchase military equipment for the separatist fighters in the region of Luhansk and Donetsk.

The security agency stated it will continue its hunt against Russian collaborators helping fund the ongoing war against Ukraine.

Russia received over $2.2 million

A recent study by Chainalysis revealed that 54 organizations across Russia received over $2.2 million to fund their operations.

Volunteer groups took to social media to crowdfund support for the purchase of military items and spread propaganda about the war. The pro-Russian groups spent most of the funds on items like drones, weapons, bulletproof vests, and communication devices.

Many of the promoters of the fundraising campaign are entities reportedly sanctioned by the OFAC. Alexander Zhuchkovsky who is on the sanction list used his social media account to solicit donations for the Russian Imperial Movement and Donbas militia groups.

Christian is a crypto-curious nerd who loves to investigate how protocols work under the hood. Christian is interested in DeFi protocol research, token economics, and on-chain analytics.

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